US: Trump Organization fined $1.6 million for tax evasion
Former US President Donald Trump’s family business, the Trump Organization, was fined a maximum of $1.6 million in New York this Friday, January 13, for financial and tax fraud.
The group surrounding Donald Trump, candidate for the 2024 Republican Party nomination for the presidency, was fined $1.6 million. He was now on trial for tax evasion and accounting fraud, specifically designed to hide financial compensation from certain senior executives from the tax authorities.
“Today, following historic convictions, former President Trump’s businesses were fined for a total of 17 offenses, the maximum permitted by law,” prosecutor Alvin Bragg said in a statement. The group expects an even larger civil trial in 2023.
NEW from Manhattan DA Alvin Bragg: The Bureau’s investigation into former President Donald J. Trump, the Trump Organization and their leadership is ongoing.
Full explanation here https://t.co/f3A2sB03wq
— Alvin Bragg (@ManhattanDA) April 7, 2022
Hidden financial benefits
Specifically, the Trump Organization, which brings together golf clubs, luxury hotels and real estate, has been accused of granting financial or pecuniary benefits to high-ranking executives starting in 2005 and hiding them from the tax authorities in order to avoid paying taxes until 2018.
Among them, a former historic company finance director, Allen Weisselberg, long very close to Donald Trump, who pleaded guilty to 15 charges and was sentenced on January 10 in the same case to five months in prison and more than two million dollars in fines.
Mr. Weisselberg, 75, had started working as an accountant for Donald Trump’s father in 1973. He was accused of years of making around $1.76 million in undeclared earnings by renting a luxury Manhattan apartment for free, providing cars, or paying tuition in private schools for his grandchildren.
A “witch hunt” on Trump
The Trump Organization announced on December 6 that it would appeal as soon as it became aware of its guilt. While attempting to blame Allen Weisselberg, he asserted that he himself “said under oath that he had betrayed the trust of the company.”
Donald Trump, who has repeatedly denounced a “witch hunt,” while not personally targeted in this trial, is seeing the court case pile up as he nears the race for the 2024 Republican Party nomination. Also, the plainclothes billionaire must appear at trials in New York with three of his children, Donald Jr., Eric and Ivanka, who, like them, are accused of fraudulent tax practices within the Trump Organization.
In this case, New York Attorney General Letitia James accuses the Trump family of “deliberately” manipulating the valuations of the company’s assets in order to obtain cheaper loans from banks or lower its taxes.
On behalf of the state, she is demanding $250 million in damages and bans on running companies for the ex-president and his relatives.